Clarity on fuel retail foray
The fuel retail business in the country is set to face some competition with the petroleum ministry simplifying norms for bulk and retail sale of petrol and diesel.
An entity with a net worth of at least Rs 500 crore is eligible to obtain the liberalised licence for both bulk and retail sales, which is seen as a move to attract global giants such as Total SA of France, Saudi Arabia’s Aramco, BP Plc of the UK, and Trafigura’s downstream arm Puma Energy in the sector.
Currently state-owned refiners virtually monopolise the market in which IOC is the market leader with 29,368 petrol pumps, followed by HPCL with 16,707 outlets, and BPCL with 16,492 fuel stations.
